(a) Any member who is employed by a political subdivision that is a participating employer in the retirement system shall be eligible to establish retirement credit for time during which the member was employed by a joint venture between that political subdivision and one (1) or more other political subdivisions if the following conditions are met:
(1) The joint venture was a governmental entity for purposes of § 414(d) of the Internal Revenue Code (26 U.S.C. § 414(d)), as amended, and any other federal laws and regulations applicable to qualified governmental pension plans during the time the member was employed by the joint venture;
(2) The joint venture was dissolved and its operations were transferred to and made a department of the participating political subdivision;
(3) The member has not established the credit in any other retirement program as provided in § 8-35-111;
(4) The participating political subdivision authorizes and pays for the cost of an actuarial study to determine the liability associated with the granting of the service credit and, following review of the cost of granting the service credit, the chief governing body of the political subdivision shall pass a resolution authorizing such service credit and accepting the liability therefor; and
(5) Members establishing the prior service must make a lump sum payment equal to the employee contributions the members would have made had the members been members of the retirement system during the period claimed, plus interest at the rate provided in § 8-37-214. The political subdivision may, at its option, pay all or part of the employee contributions and interest on behalf of the members.
(b) The retirement system shall not be liable for the payment of retirement allowances or other payments on account of such members or their beneficiaries for which reserves have not been previously created from funds contributed by the political subdivision, its employees, or both.
(c) It is the legislative intent that the state shall realize no increased cost as a result of this section. All costs associated with retirement coverage, including administrative costs, shall be the responsibility of the political subdivision.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.